Cambodia’s Central Bank Launches Hyperledger-based Payment System

The National Bank of Cambodia has officially launched a new payment system based on distributed ledger technology (DLT), according to Reuters.

The bank developed the system, which is based on Hyperledger Iroha, along with Japan-based blockchain firm Soramitsu as part of an initiative called Project Bakong.

At a conference earlier this year, Chea Serey, director-general of central banking at the National Bank of Cambodia, described the platform as a “payment backbone” as opposed to a central bank digital currency. She also described two goals for the project: to give Cambodia’s migrant workers a better way to send money home and to encourage more use of the local currency, the riel.

In Cambodia, more than 90% of the economy is based on the U.S. dollar.

To use the system, people will have to register with one of the participating institutions — around 20 banks in Cambodia have participated in the project — which entails submitting a government ID and a phone number.

Speaking Wednesday at an official launch event, Serey also said she hoped Bakong would “promote social welfare and also prevent the spread of disease through facilitating e-payment from person to person seamlessly without involving cash,” reports The Bangkok Post.

bitcoin
Bitcoin (BTC) $ 61,739.00 3.61%
ethereum
Ethereum (ETH) $ 3,963.57 4.49%
binance-coin
Binance Coin (BNB) $ 480.26 3.84%
cardano
Cardano (ADA) $ 2.25 4.40%
tether
Tether (USDT) $ 1.00 0.20%
xrp
XRP (XRP) $ 1.18 5.76%
solana
Solana (SOL) $ 162.22 2.53%
polkadot
Polkadot (DOT) $ 43.25 8.43%
usd-coin
USD Coin (USDC) $ 1.00 0.10%
dogecoin
Dogecoin (DOGE) $ 0.243725 6.33%
S&P 500  ^GSPC 
$4,471.37  $33.11  (0.75%)
Dow Jones Industrial Average  ^DJI 
$35,294.76  $382.20  (1.09%)
NASDAQ Composite  ^IXIC 
$14,897.34  $73.91  (0.50%)
Russell 2000  ^RUT 
$2,265.65  $8.52  (-0.37%)
Crude Oil Nov 21  F*CL.NYM 
$82.66  $1.35  (1.66%)
   
$0.0000  $0.0000  (0.00%)